There was a strong level of criteria and affordability searches in January and February, the latest data from Legal & General Ignite has revealed.
According to the findings, ‘first-time buyer’ remained a top three search term used by advisers throughout January and February, with activity from this cohort a significant driver of the Q1 market uptick.
The mortgage market recorded a positive start to the new year, with total searches growing by 105% from December 2023 to the end of February 2024.
In addition, searches for minimum income for interest-only products has risen by 9%, while those clarifying the minimum required period of employment increased by 15%.
‘Satisfied defaults’ moved up to the second highest search term – from third in January – as searches increased by 7%.
This proves that many buyers have been impacted by wider economic strains, and as a result, are seeking professional guidance as they explore the housing market.
Jodie White, head of mortgage products and transformation at Legal & General Mortgage Services, said: “The latest data makes for interesting and positive reading, with many areas of the market – particularly first-time buyers – enjoying a really promising start to the year.
“There is no denying that 2023 was quieter than many had hoped, but there are already clear signs that 2024 is on much steadier footing.
“The huge competition on mortgage pricing starting at the backend of last year is undoubtedly central to this uptick.”
She added: “Comprehensive data analysis is fundamental to our operations at Legal & General Mortgage Services, as it enables us to understand emerging trends, anticipate market shifts, and tailor our support for brokers and lenders accordingly.
“Data analysis is just one of many use cases for mortgage technology, which continues to drive efficiency gains that benefit all parties.
“Integrating mortgage technology now – as we settle into this new and busier period – will be crucial to supporting as many customers as possible, and making the most of the market uplift.”
